Town of Broadway Micro Loan Program

Micro Loan Program
In an effort to assist small businesses and sole proprietors start and maintain small business, RBEG proceeds have been set aside to capitalize a micro loan fund.

Eligible Applicants
New or existing retail, service or commercial ventures located in the Town of Broadway. Preference will be given to those applicants located on Main Street. A completed application must be submitted.

Eligible Activities
Loan funds can be used for façade improvements, equipment, inventory and working capital.

Financing Limits
A maximum of $15,000 may be loaned for a term not to exceed 3 years. No matching funds or financing is required. Each applicant will be evaluated on a case by case basis for creditworthiness and project viability.

Terms and Underwriting Standards
Loan term will generally be 3 years depending on the asset financed. The rate will also be set based on the risk using the prime rate as the basis.

Review Process
The Town Manager, BHP President, BHP Executive Director, and a Financial Officer will review and make the final loan determination process. All terms and conditions will be set by this committee.

Fees
A non-refundable application fee of $50.00 is due when the application is submitted.